If the Current Price of a Good Is the Same

question 62

Multiple Choice

If the current price of a good is the same as that found at the intersection of the market demand and supply curves, then:​

• A) ​excess demand exists.
• B) ​excess supply exists.
• C) ​ price will rise.
• D) ​ price will fall.
• E) ​the market is in equilibrium.

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Definitions:

Wage Rate

The amount of compensation a worker receives per unit of time or per task completed.

Discrimination

Unjust or prejudicial treatment of different categories of people, especially on the grounds of race, age, or gender.

U.S. Population

The total number of people living in the United States, including all citizens, residents, and immigrants.

Poverty

A situation in which people or groups do not have enough money and basic necessities to meet the bare minimum living standards.